The decision comes as the Charles Lloyd Property Group focuses its development pipeline on developing affordable housing in Melbourne’s outer suburbs.
The portfolio of development projects are in Mill Park and Mernda in Melbourne’s northern suburbs, South Morang in the north-eastern suburbs, Lynbrook in the southern suburbs, and Deer Park in the western suburbs.
All up there is about 700 residential zoned allotments, some with permits.
Charles Lloyd managing director Frank Bevacqua said the decision to present the portfolio of developments came at the appropriate time for the firm, as it enters a new phase with son Tony Bevacqua.
“ The sites we are offloading are prime sites with some fully permitted making them a nice little package of land development holdings suitable to a variety of potential buyers.
“ The portfolio includes medium sized developments from in excess of 280 allotments with the smallest parcel comprising 90 allotments.”
He said enquiry for the portfolio was expected to be quite substantial with a shortage of available land within the urban growth boundary (UGB).
“ There’s little doubt the enquiry will be exceptionally strong with a serious shortage of land parcels zoned residential, permitted and most importantly inside the UGB, virtually ready and waiting to go to market.”
It is expected large scale developers will inspect the portfolio.